ONEOK Partners Completes Acquisition of Natural Gas Liquids Assets in the Permian Basin of West Texas and Southeastern New Mexico
TULSA, Okla., Dec. 1, 2014 /PRNewswire/ -- ONEOK Partners, L.P. (NYSE: OKS) today announced that it has completed the acquisition of natural gas liquids (NGL) pipelines and related assets from affiliates of Chevron Corporation for approximately $800 million.
ONEOK Partners now owns an 80 percent interest in the West Texas LPG Pipeline Limited Partnership (West Texas LPG) and 100 percent interest in the Mesquite Pipeline (Mesquite), which collectively consist of approximately 2,600 miles of NGL gathering pipelines extending from the Permian Basin in southeastern New Mexico to East Texas and Mont Belvieu, Texas. ONEOK Partners is the operator of both pipelines. The remaining 20 percent of West Texas LPG is owned by Martin Midstream Partners L.P.
"The West Texas LPG and Mesquite NGL pipelines will integrate into our existing natural gas liquids segment's portfolio of assets and provide fee-based earnings to the partnership," said Terry K. Spencer, president and chief executive officer of ONEOK Partners. "With the closing of this transaction, we welcome the approximately 75 employees currently operating these assets to the ONEOK Partners team. We look forward to working with all of them and assisting them with their transition to ONEOK Partners."
The Permian Basin, located in southeastern New Mexico and western Texas, is the largest crude-oil and natural gas producing basin in the U.S. – three times larger than the Bakken Shale in North Dakota. This basin encompasses 15 million acres and has multistacked producing formations with approximately 500 rigs currently operating across the region.
ONEOK Partners, L.P. (pronounced ONE-OAK) (NYSE: OKS) is one of the largest publicly traded master limited partnerships in the United States and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a pure-play, publicly traded general partner, which owns 38.3 percent of the overall partnership interest, as of Sept. 30, 2014.
For more information, visit the website at www.oneokpartners.com.
For the latest news about ONEOK Partners, follow us on Twitter @ONEOKPartners.
Some of the statements contained or incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to the integration of, and fee-based earnings from, the above-described acquisition of 80 percent interest in the West Texas LPG Pipeline Limited Partnership and 100 percent interest in the Mesquite Pipeline. These forward-looking statements are made in reliance on the safe-harbor protections provided under federal securities legislation and other applicable laws.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "potential," "scheduled," and other words and terms of similar meaning.
You should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in our other filings that we make with the Securities and Exchange Commission (SEC), which are available via the SEC's website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
Analyst Contact: |
T.D. Eureste |
918-588-7167 |
|
Media Contact: |
Brad Borror |
918-588-7582 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oneok-partners-completes-acquisition-of-natural-gas-liquids-assets-in-the-permian-basin-of-west-texas-and-southeastern-new-mexico-300002680.html |
SOURCE ONEOK Partners, L.P.
Share this article